Economic cooperation plays key role in Viet Nam-U.S. relations

Deputy Prime Minister Pham Binh Minh (left) and Senior Vice President for Asia, U.S. Chamber of Commerce at the virtual dialogue. Photo: VGP

Pham made the above statement at a virtual dialogue with American business leaders on June 30.

The U.S. has been the largest importer of Vietnamese goods and the two-way trade grew to US$90 billion in 2020 from US$450 million in 1994.

It is the 11th biggest foreign investor in Viet Nam with total registered capital of nearly US$10 billion, said Pham, adding that many leading American companies are operating effectively in many areas in the Southeast Asian country.

He highly valued the contributions by the American businesses, including the U.S. Chamber of Commerce (USCC), US-ASEAN Business Council (USABC), and Business Council for International Understanding (BCIU), in deepening the economic ties between the two countries.

The Vietnamese Government stands ready to listen to straightforward and constructive opinions from the U.S. business community regarding the country’s investment and business climate, as well as ideas on how to further strengthen the two countries’ ties, especially in economy, trade and investment, Pham affirmed.

On the occasion, he appreciated the U.S. Administration’s commitment to donate US$4 billion to the COVAX initiative, calling on the American Government and business community continue assisting Viet Nam in accessing to COVID-19 vaccine sources and production technology to soon overcome impacts of COVID-19 and recover the economy. 

The American business representatives lauded Viet Nam’s pandemic prevention work and economic development while sharing ideas and initiatives to beef up bilateral cooperation, particularly in such fields like digital economy, digital transformation, infrastructures, renewable energy and sustainable development./.

By Thuy Dung